Grammy nominee Bobby Sanabria feels like a winner


NEW YORK (AP) — Bobby Sanabria already feels like a winner.


The Latin jazz musician, who led the protest against the Recording Academy when it downsized from 109 to 78 categories last year, is nominated for best Latin jazz album — one of the awards that had been eliminated but returns at the awards show next year.


"We're very proud," Sanabria said in a recent interview. "It just places emphasis on the importance of this uniquely American art form. ... Of all the forms of music that are still getting recognition from the Grammys, this is one of the most disenfranchised forms because it isn't part of mainstream culture."


The Recording Academy announced in June that it would reinstate the best Latin Jazz album award and added two others, bringing the total number of awards 81.


Sanabria's nomination in the category for "Multiverse" — along with his Big Band — is his third time competing in the field. His band's song, "Afro-Cuban Jazz Suite for Ellington," is also nominated for best instrumental arrangement; the nomination goes to arranger Michael Philip Mossman.


Bronx-born Sanabria said he's excited that the best Latin jazz album was restored, but he hopes the others come back as well.


"CD sales are down, so the more categories we have, it's just good business," he said.


The Academy shook up the music industry when it announced in April 2011 that it would downsize its categories to make the awards more competitive. That meant eliminating categories by gender, so men and women compete in the same vocal categories. Artists like Herbie Hancock, Paul Simon and Bill Cosby complained, and Sanabria led the group that filed a lawsuit, which was dismissed.


The 55-year-old drummer and percussionist said that the Grammys cut is a sign of the dying appreciation of jazz and blues music in American culture.


"We live in age now where DJs are more respected than musicians and I have nothing against DJs . but there's something to be said for the artistry of a human being taking a musical instrument and performing at a virtuosic level on it, and it takes years of dedication," he explained. "I read something that in New York City they're having trouble filling the demand for DJs for New Year's Eve, and that used to be the night all musicians worked. That isn't the case anymore and something needs to be changed in the culture, and the Grammys can help in that respect with categories like (best Latin jazz album) . and the classical music categories."


Sanabria's latest album is a mixture of sounds, and he said he has his parents to thank for diversifying his musical exposure. He wants to win the Grammy so that they can witness it.


"(They are in) their eighties now and they're not in good health (and) they were the impetus for me," he said.


Among his competition for best Latin jazz album, Sanabria will battle one of his students from New York's The New School, Manuel Valera of the New Cuban Express. He said he's excited to see his student get this kind of recognition, and hopes other young adults will learn to appreciate jazz music's importance. On Feb. 8 and Feb. 9, a day before the Grammy Awards in Los Angeles, Sanabria is performing a concert special — "Family Concert: What is Latin Jazz?" — at Jazz at Lincoln Center in New York.


"Without blues and jazz, you have nothing. There's no Beyonce, there's no Jay-Z, there's no Katy Perry, there's no Aerosmith," he said. "It's the foundation of American music and it's sad that it isn't being taught as part of the history curriculum at every public school."


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Online:


http://www.bobbysanabria.com/


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Follow Mesfin Fekadu on Twitter at http://twitter.com/MusicMesfin


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Intercontinental to pay $8.2B for NYSE









The IntercontinentalExchange has agreed to buy rival exchange NYSE Euronext for $8.2 billion, as it moves to create one of the top futures markets in Europe and position the combined group to challenge arch rival CME Group.

The two exchanges said in an emailed statement on Thursday ICE had agreed to pay $33.12 a share for NYSE Euronext made up of one third cash and two thirds ICE shares.

NYSE Euronext shares were up more than 30 percent on the news while IntercontinentalExchange Inc. shares reversed earlier declines and were recently up more than 2 percent.

The multi-billion dollar deal designed to push it into the big league of European derivatives and take on arch rival CME Group.

ICE may consider a spin-off or sale of NYSE's stock markets, a source told Reuters. As well as the 200-year old New York exchange, the NYSE also owns bourses in Paris, Amsterdam, Brussels and Lisbon.

"We can't exclude any option at this stage. It's all down to what regulators will require to get the deal approved, and to the timeframe they will give ICE to meet these targets," a source familiar with the situation told Reuters, adding that a deal was expected to be announced later on Thursday.

ICE has proposed buying NYSE, which also owns derivatives market Liffe, for $33 per share, a 37 percent premium to its Wednesday closing price, CNBC said.

One-third of the deal would be funded by cash and the rest in stock, the source confirmed.

NYSE and ICE representatives declined to comment.

Analysts said a deal would give Atlanta-based ICE a strategic boost with control of Liffe, Europe's second-largest derivatives market, helping it compete against U.S.-based CME Group Inc., owner of the Chicago Board of Trade.

"ICE is after Liffe, that is the crown jewel of NYSE Euronext. ICE could potentially sell the U.S. and European equities business, but could struggle to find a buyer. A spin-off of this business could be more likely," said Peter Lenardos, analyst at RBC Capital Markets.

"Strategically it makes sense for ICE to enter the European derivatives space in a meaningful way, but paying $10 billion -- with debt -- to do so sounds generous for NYSE shareholders and expensive for ICE shareholders.

At the close of trading on Wednesday, NYSE was worth about $5.8 billion, indicating that ICE may be willing to pay roughly $8 billion for the owner of the world's largest stock market.

NYSE shares jumped 12 percent in after-hours trading to $26.96. ICE shares rose 3.1 percent to $132.32.

REGULATORY THUMBS-UP

An ICE-NYSE Euronext tie-up would leap-frog Deutsche Boerse to become the world's third-largest exchange group with a combined market value of $15.2 billion. CME Group, ICE's largest U.S.-based rival, has a market value of $17.5 billion, Thomson Reuters data shows.

Hong Kong Exchanges and Clearing is the world's largest exchange group with a market capitalization of $19.5 billion.

ICE's main operations are in energy futures trading and unlike NYSE Euronext, it has steered clear of stocks and stock-options trading, so there is not much business overlap between the two groups, making it more likely competition authorities would approve a tie-up.

Last year, the U.S. Justice Department blocked a $11 billion joint hostile bid by ICE and Nasdaq OMX Group for NYSE Euronext on concerns the tie-up would dominate U.S. stock listings.

If that bid had succeeded, ICE planned to buy NYSE Euronext derivatives business while Nasdaq would have taken control of the stock exchanges.

A rival $9.3 billion bid by German exchange operator Deutsche Boerse also ran afoul of regulators.

"I doubt the competition authorities will have a problem with it, there's only a modest overlap between the businesses," said Richard Perrott, an analyst at Berenberg Bank.

"The rationale for the deal will be the same as that with Deutsche Boerse -- migrate the clearing of Liffe derivatives to ICE's services in London and scale up to attract OTC (Over The Counter) derivatives clearing. There could be more than $300 million in cost savings in the deal."

Before the latest ICE offer emerged, NYSE Euronext's shares had fallen by nearly a third since ICE and Nasdaq launched their thwarted joint bid.

The New York Stock Exchange, known as the Big Board and the symbol of U.S. capitalism, has seen its clout fade as new technology and the rise of private trading venues run by Wall Street banks and brokers cut its margins.

Founded in 2000 as a U.S. electricity trading platform backed by Wall Street banks and energy traders, ICE is the product of a string of acquisitions, from the London-based International Petroleum Exchange in 2001 through the New York Board of Trade and, most recently, a handful of smaller deals, including a climate exchange and a stake in a Brazilian clearing house.

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FBI offering $50,000 for help in capturing prison escapees








The FBI is offering a $50,000 reward for information leading to the capture of two convicted robbers who rappelled down the side of a high-rise federal jail in the South Loop, scurrying some 15 floors to freedom on a rope made of bedsheets.

The FBI announced the reward in a brief statement this morning. It said anyone with information can call 312-421-6700.


The daring, carefully planned escape from the Metropolitan Correctional Center Tuesday by Joseph "Jose" Banks and Kenneth Conley shocked federal law enforcement officials who scrambled to find the two violent bank robbers on a desperate run.

FBI spokeswoman Joan Hyde says there are no developments to report this morning. "Unfortunately, we don't have any new news," she said. "Our focus is still primarily on the Chicago metropolitan area."


The hulking federal jail with its narrow slits for windows has defied escape attempts. This marked only the second successful one and the first in almost three decades. Just three years ago, however, a brother of a famous Hollywood director was caught with 31 feet of roped bedsheets in his cell.

The two escapees made for memorable bank robbers — Banks for his goofy disguises and Conley for flaunting his cash loot a short time later at the strip club where he worked.

Banks and Conley were present for a 10 p.m. check Monday, but by 7 a.m., MCC employees arriving for work saw the crudely wrapped rope dangling on the south side of the building, still swinging in the wind.

Guards found the window in their cell broken and the makeshift rope tied to its bars, federal authorities revealed late Tuesday in filing escape charges against the pair. Numerous articles of clothing and sheets were piled under a blanket in both their beds to make it appear they were asleep for the standard overnight bed checks.

In addition, authorities found metal bars from the window in a mattress as well fake bars in the cell, suggesting the two had gone to some lengths to cover their tracks as they prepared their escape.

But exactly how Banks and Conley slipped through a window just 5 inches wide was not immediately clear.

"You've got to be a contortionist to pull that one off," said Scott Fawell, a top aide of convicted former Gov. George Ryan. Fawell spent about eight months at the MCC for corruption.

However, one law enforcement source said Banks and Conley may have removed a cinder block from beneath the window to make a bigger opening to slip out.

The jail, at 71 W. Van Buren St., was placed on lockdown after the break was discovered and visits with inmates were canceled, according to several criminal defense attorneys who had planned to meet with clients. The facility, which is operated by the U.S. Bureau of Prisons, opened in 1975 and houses about 700 inmates.

Conley and Banks were last seen in suburban Tinley Park and are believed to be together. Banks, 37, was described as black, 5 feet 8 inches tall and weighing 160 pounds, while Conley, 38, is white, 6 feet and 185 pounds.

Banks could have as much as $500,000 stashed away, according to testimony at his trial. He stole a combined $589,000 in two robberies, but only about $80,000 had been recovered or accounted for through Banks' purchases, prosecutors said.

The FBI called Banks one of the most prolific bank robbers in Chicago history, saying at the time of his arrest in 2008 that he was suspected in about 20 heists. However, he was charged in only two bank robberies and two attempted holdups. A jury convicted him on all counts last week.

An aspiring clothes designer, Banks was caught on bank surveillance tapes in 2007 and 2008 jumping bank counters and directing employees to empty vaults while wearing a fake beard. He was dubbed the Second Hand Bandit because of the discount clothing he wore during the robberies.

On the day he was scheduled to go to trial in late October, Conley abruptly pleaded guilty to robbing a Homewood bank in 2011 while brandishing a pistol and threatening a teller.

"If you don't give (the money) to me, I will put them in your head," he allegedly said.

Conley then went to the Chicago Heights strip club where he worked while still dressed in the black suit and white tie he wore during the holdup, flashing cash around, prosecutors alleged. He paid off a $400 debt before telling co-workers he was jetting off to Bermuda, according to the charges.

Conley, incarcerated at the MCC since October 2011, faces a maximum 20 years, while Banks, who has been in custody since 2008, could be hit with an 80-year sentence. An escape conviction carries a maximum penalty of five years in prison.

Early in the day the search for the duo zeroed in on Tinley Park, where Conley lived and where the two had last been spotted, authorities said. SWAT teams searched the home of a Conley relative, but the investigators missed the two by a few hours, authorities said.

Helicopters hovered above the southwest suburb and streets were blocked by police squads as the search continued. The SWAT team walked the nearby streets with dogs as neighbors followed behind, snapping pictures with their phones. About two blocks down, the officers searched the Metra stop.

In the wake of the deadly school shooting in Newtown, Conn., Tinley Park officials notified local schools and dispatched police officers to school buildings closest to where the search was under way.

Federal and local law enforcement also charged into Conley's old strip club, Club 390, surprising staff and patrons, in an attempt to find him, staff said.

FBI agents first showed up at the Chicago Heights club early Tuesday morning, hours before its 11 a.m. opening. The agents questioned an employee who told them she hadn't seen Conley, staff said.

Sheriff's deputies returned around 1 p.m., bursting into the club in police gear and scattering the lunch crowd, employees said. A few officers questioned staff and searched the building, including the dancers' dressing room and women's bathroom. Plainclothes officers remained seated in the darkness at the periphery of the stage around 3 p.m.

A mug shot of Conley was posted near the cash register at the bar.

Authorities were chasing numerous tips into the night Tuesday, but the search so far remained focused on Chicago and the suburbs.

A woman who answered at the home of a relative of Conley said the day's events were "very upsetting for everyone" and declined further comment.

The Banks family learned of the escape while watching the morning news, said Banks' cousin, Theresa Ann Banks, who pleaded for her cousin to turn himself in.

"I just don't want to see him get hurt or killed," she said in a shaky voice. "(The family) is trying to hold themselves together. We just have to have faith in God and hope everything goes right."

Banks represented himself at the trial, challenging U.S. District Judge Rebecca Pallmeyer so much that he was briefly strapped into a restraint chair during the trial. In court filings, he identified himself as "Joseph Banks-Bey," a Moorish national, and made legal filings defying the court's jurisdiction.

He offered a long, rambling closing that Pallmeyer finally cut off because Banks would not stop making wild accusations that the government had "trumped" up the charges and rigged photo lineups in the case.

The law enforcement source said security had been stepped up for Pallmeyer and the prosecutors involved in Banks' trial.

Tribune reporter Adam Sege contributed.






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Strong software sales push Oracle shares to 19-month high


(Reuters) - Shares of Oracle Corp, the world's No. 3 software maker, rose 4 percent to their highest in 19 months on Wednesday after it forecast strong sales for next year, prompting several brokerages to raise their price targets on the stock.


The company's results often set the tone for smaller software makers, and analysts said the 17 percent jump in its quarterly software sales boded well for the industry.


Investors pay close attention to new software sales as they generate high-margin, long-term maintenance contracts and are an important gauge of a company's future profits.


"Oracle delivered strong results in a challenging environment," Susquehanna Financial Group analyst Derrick Wood said in a note to clients.


Investors are worried that corporations would postpone spending on technology because of uncertainty over the year-end deadline for Congress and U.S. President Barack Obama to reach a compromise on the looming "fiscal cliff", an automatic rise in tax rates and government spending cuts next year.


Shares of Oracle, which competes with Germany's SAP AG and Salesforce.com Inc, rose to $34.15 in early Wednesday trading on the Nasdaq.


Oracle said earlier this month it would give over $800 million back to shareholders, joining a rising number of companies accelerating dividend payments or declaring special dividends because of uncertainty surrounding the U.S. government's fiscal plans.


"(Oracle's) investments and efforts to build out its product portfolio and sales capacity are clearly starting to pay off handsomely and enable it to navigate the rough seas," Stifel Nicolaus analyst Brad Reback said.


Reback, who has a "buy" rating on the stock, raised his price target by $1 to $38.


Oracle, which was slow to embrace cloud computing -- a broad term referring to the delivery of computer services via the Internet from remote data centers -- is now trying to drive growth by promoting its suite of cloud computing products.


Corporate technology buyers like the approach because it is faster to implement and has lower upfront costs than traditional software, which businesses need to install on their own computer systems.


"Calendar 2013 is promising for Oracle thanks to a strong product cycle, market share gains, and healthy secular trends for cloud spend," FBR Capital Markets analysts said.


The brokerage, which has an "outperform" rating on the company's stock, raised its price target by $1 to $37.


"The only blemish in the quarter was on the hardware front, as the company remains focused on sunsetting uneconomical product offerings," FBR said.


The company's hardware business, which it acquired with its $5.6 billion purchase of Sun Microsystems in January 2010, continued to be sluggish, and quarterly hardware systems product sales fell 23 percent from a year earlier.


(Reporting by Sayantani Ghosh in Bangalore; Editing by Roshni Menon)



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Penn State voted AP sports story of year again


NEW YORK (AP) — The Penn State child sex abuse scandal was selected as the sports story of the year by U.S. editors and news directors in an annual vote conducted by The Associated Press.


The news broke in November 2011, with a grand jury report outlining charges against Jerry Sandusky, and the outrage that followed led to the firing of Hall of Fame coach Joe Paterno. But the aftershocks were felt long into 2012: Sandusky was convicted in June of assaulting 10 boys, and the NCAA handed down brutal sanctions in July.


In both years, the scandal was picked as the top sports story, the first time since the AP began conducting its annual vote in 1990 that the same story was selected twice in a row. The results of this year's tally were announced Wednesday.


Even before the Sandusky trial, the State College community had absorbed another huge blow as Paterno died Jan. 22 at age 85 of lung cancer.


The year ended with a small step to normalcy — joy on the football field. Under new coach Bill O'Brien, the Nittany Lions won eight of their last 10 games to finish 8-4, capped by an overtime victory at home over Wisconsin.


There were 157 ballots submitted from U.S. news organizations. The voters were asked to rank the top 10 sports stories of the year, with the first-place story getting 10 points, the second-place story receiving nine points, and so on.


The Penn State saga received 1,420 points and 109 first-place votes. The No. 2 sports story, Lance Armstrong stripped of his seven Tour de France titles, had 10 first-place votes and 1,008 points.


Football's popularity, college and pro, was unmistakable with seven of the top 10 stories. But only two of them involved the action on the field.


Here are 2012's top 10 stories:


1. PENN STATE: Sandusky, the former defensive coordinator whose crimes led to such devastation for his victims and for his former employer, was found guilty on 45 of 48 counts. In October, the 68-year-old was sentenced to 30 to 60 years in prison. His conviction provided some closure, but a messy aftermath remained. Former FBI Director Louis Freeh released the results of his investigation July 12, saying Paterno and other top school officials covered up allegations against Sandusky. The NCAA used that report as a basis for its sanctions announced later that month, which included a $60 million fine, a four-year bowl ban and scholarship reductions.


2. LANCE ARMSTRONG: In February, federal prosecutors closed an investigation into whether the star cyclist doped. That turned out to be only a temporary reprieve for a once-revered figure. In June, the U.S. Anti-Doping Agency accused him of using performance-enhancing drugs, and in August, when he dropped his fight against the charges, USADA ordered his record seven Tour titles wiped out. A report released in October laid out vivid details of the evidence. The year ends with Armstrong dropped by many of the companies he endorsed and no longer formally involved with the cancer charity he founded, Livestrong.


3. NFL BOUNTIES: This much is clear: Saints coach Sean Payton was suspended for the entire season and New Orleans started 0-4 to quickly fall out of playoff contention. Much else about the bounty scandal remains in dispute. Players deny the NFL's assertions of a pay-for-injury program. On Dec. 11, former Commissioner Paul Tagliabue overturned his successor's suspensions of four players but endorsed the findings of the investigation under Roger Goodell.


4. FOOTBALL CONCUSSIONS: The deaths of NFL greats Alex Karras — who suffered from dementia — and Junior Seau — who committed suicide — were grim reminders of the angst over head injuries in the sport and their possible consequences. Thousands of retired players have sued the league, alleging the NFL failed to protect them from the dangers of concussions.


5. LONDON OLYMPICS: Michael Phelps retired from swimming after setting an Olympic record with his 22nd medal at a Summer Games bursting with memorable performances. Usain Bolt became the first man to successfully defend both the 100- and 200-meter dash titles. And the host country racked up 65 medals in an Olympics so successful for Britain that it barely even rained.


6. COLLEGE FOOTBALL PLAYOFFS: Instead of complaining about the BCS, soon we can moan about the selection committee. After years of carping, fans finally got a playoff system, which will debut after the 2014 season. The four-team bracket will feature semifinals and a title game to determine a national champion.


7. REPLACEMENT OFFICIALS: Fans and pundits predicted a blown call would decide a critical game when the NFL started the season with replacement officials. Sure enough, in Week 3, on the national stage of "Monday Night Football," a missed offensive pass interference penalty and a questionable touchdown catch handed the Seattle Seahawks a win over the Green Bay Packers. Two days later, the league resolved its labor dispute with the regular refs.


8. SUPER GIANTS: A team that had been 7-7 upset the top-seeded Green Bay Packers on the road in the playoffs, needed overtime to beat the San Francisco 49ers in the NFC title game, then came from behind to defeat the New England Patriots in the Super Bowl, 21-17, an outcome strangely similar to their matchup four years earlier. Eli Manning won his second Super Bowl MVP award.


9. SUMMITT RETIRES: Pat Summitt, the winningest coach in NCAA basketball history, retired from the Tennessee bench in April at age 59, less than eight months after revealing she had early-onset dementia. Longtime assistant Holly Warlick took over the Lady Vols. Summitt was 1,098-208 with eight national titles in 38 seasons.


10. MANNING'S RESURGENCE: Peyton Manning was released from the Indianapolis Colts in March after missing last season because of neck surgery, the future uncertain for the four-time MVP. John Elway and the Broncos gambled that he still had some championship play left in that right arm, and so far it's looking like a brilliant move as Denver won the AFC West.


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AP Projects Editor Brooke Lansdale contributed to this report.


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Experts: Kids are resilient in coping with trauma


WASHINGTON (AP) — They might not want to talk about the gunshots or the screams. But their toys might start getting into imaginary shootouts.


Last week's school shooting in Connecticut raises the question: What will be the psychological fallout for the children who survived?


For people of any age, regaining a sense of security after surviving violence can take a long time. They're at risk for lingering anxiety, depression, post-traumatic stress disorder.


But after the grief and fear fades, psychiatrists say most of Newtown's young survivors probably will cope without long-term emotional problems.


"Kids do tend to be highly resilient," said Dr. Matthew Biel, chief of child and adolescent psychiatry at MedStar Georgetown University Hospital.


And one way that younger children try to make sense of trauma is through play. Youngsters may pull out action figures or stuffed animals and re-enact what they witnessed, perhaps multiple times.


"That's the way they gain mastery over a situation that's overwhelming," Biel explained, saying it becomes a concern only if the child is clearly distressed while playing.


Nor is it unusual for children to chase each other playing cops-and-robbers, but now parents might see some also pretending they're dead, added Dr. Melissa Brymer of the UCLA-Duke National Center for Child Traumatic Stress.


Among the challenges will be spotting which children are struggling enough that they may need professional help.


Newtown's tragedy is particularly heart-wrenching because of what such young children grappled with — like the six first-graders who apparently had to run past their teacher's body to escape to safety.


There's little scientific research specifically on PTSD, post-traumatic stress disorder, in children exposed to a burst of violence, and even less to tell if a younger child will have a harder time healing than an older one.


Overall, scientists say studies of natural disasters and wars suggest most children eventually recover from traumatic experiences while a smaller proportion develop long-term disorders such as PTSD. Brymer says in her studies of school shootings, that fraction can range from 10 percent to a quarter of survivors, depending on what they actually experienced. A broader 2007 study found 13 percent of U.S. children exposed to different types of trauma reported some symptoms of PTSD, although less than 1 percent had enough for an official diagnosis.


Violence isn't all that rare in childhood. In many parts of the world — and in inner-city neighborhoods in the U.S., too — children witness it repeatedly. They don't become inured to it, Biel said, and more exposure means a greater chance of lasting psychological harm.


In Newtown, most at risk for longer-term problems are those who saw someone killed, said Dr. Carol North of the University of Texas Southwestern Medical Center, who has researched survivors of mass shootings.


Friday's shootings were mostly in two classrooms of Sandy Hook Elementary School, which has about 450 students through fourth-grade.


But those who weren't as close to the danger may be at extra risk, too, if this wasn't their first trauma or they already had problems such as anxiety disorders that increase their vulnerability, she said.


Right after a traumatic event, it's normal to have nightmares or trouble sleeping, to stick close to loved ones, and to be nervous or moody, Biel said.


To help, parents will have to follow their child's lead. Grilling a child about a traumatic experience isn't good, he stressed. Some children will ask a lot of questions, seeking reassurance, he said. Others will be quiet, thinking about the experience and maybe drawing or writing about it, or acting it out at playtime. Younger children may regress, becoming clingy or having tantrums.


Before second grade, their brains also are at a developmental stage some refer to as magical thinking, when it's difficult to distinguish reality and fantasy. Parents may have to help them understand that a friend who died isn't in pain or lonely but also isn't coming back, Brymer said.


When problem behaviors or signs of distress continue for several weeks, Brymer says it's time for an evaluation by a counselor or pediatrician.


Besides a supportive family, what helps? North advises getting children back into routines, together with their friends, and easing them back into a school setting. Studies of survivors of the Sept. 11 terrorist attacks found "the power of the support of the people who went through it with you is huge," she said.


Children as young as first-graders can benefit from cognitive-behavioral therapy, Georgetown's Biel said. They can calm themselves with breathing techniques. They also can learn to identify and label their feelings — anger, frustration, worry — and how to balance, say, a worried thought with a brave one.


Finally, avoid watching TV coverage of the shooting, as children may think it's happening all over again, Biel added. He found that children who watched the 9/11 clips of planes hitting the World Trade Center thought they were seeing dozens of separate attacks.


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EDITOR'S NOTE — Lauran Neergaard covers health and medical issues for The Associated Press in Washington.


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U.S. to sell GM stake in 15 months









The Treasury plans to sell its remaining stake in General Motors over the next 15 months, allowing the automaker to shed the stigma of being partly owned by the U.S. government.

GM said Wednesday it will spend $5.5 billion to buy back 200 million shares of its stock from the Treasury by the end of this year. The government, in turn, plans to sell its remaining stake of 300 million shares on the open market over the next 12 to 15 months.

GM will pay $27.50 for each share, about an 8 percent premium over Tuesday's closing price of $25.49. The shares shot up more than 8 percent in premarket trading to $27.57.

The deal almost certainly means that the government will lose billions on a $49.5 billion bailout that saved GM from being auctioned off in pieces during the financial crisis in 2008 and 2009. GM's buyback will cut the Treasury's stake to 19 percent from 26.5 percent. For it to break even, Treasury would have to sell the remaining 300 million shares for average of about $70.

For GM, getting the government out of its business removes a major business obstacle. GM Chief Financial Officer Dan Ammann told reporters that GM has market research showing that government ownership has held down sales of the company's cars and trucks.

"This is fundamentally good for the business," he said at a hastily called news conference Wednesday morning.

The government got its stake as part of the bailout of GM that began nearly four years ago.

The Treasury Department said in a statement that it would sell the remaining 19 percent stake "in an orderly fashion" within the next 12 to 15 months, subject to market conditions.

Treasury said it will have recovered more than $28.7 billion of its investment through repayments of loans, sales of stock, dividends, interest and other income after GM buys back the 200 million shares. But that leaves Treasury about $21 billion short of recouping its investment.

In 2008 and 2009, the U.S. Treasury bailed out GM to help stabilize and restructure the company at the trough of the financial crisis. The bailouts of GM and Chrysler were part of the $700 billion Trouble Asset Relief Program created by Congress during the financial crisis in the fall of 2008.

"The auto industry rescue helped save more than a million jobs during a severe economic crisis," said Timothy Massad, Treasury's assistant secretary for financial stability. "The government should not be in the business of owning stakes in private companies for an indefinite period of time."

Massad said that exiting the GM investment "is consistent with our dual goals of winding down TARP as soon as practicable and protecting taxpayer interests."

Although GM is paying a premium for the government shares, Ammann said it's still a good deal for GM shareholders. The number of shares on the market will reduced about 11 percent, which should increase the value of the remaining shares.

The move was approved by the GM board on Tuesday evening after the company got opinions from its management and financial advisers, GM said.

Government-ordered pay restrictions will remain in effect. But a ban on corporate jet ownership and requirements on manufacturing a certain percentage of GM cars and trucks in the U.S. will be lifted. GM says it already has exceeded the manufacturing requirements and will continue to do so for the foreseeable future.

The company said it has no immediate plans to buy or lease corporate jets.

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SWAT teams enter home in search for prison escapees

Chicago Tribune reporter Rosemary Regina Sobol has the latest details of two convicted bank robbers who escaped from the Metropolitan Correctional Center in downtown Chicago early this morning. (Posted on: Dec. 18, 2012.)









SWAT teams forced their way into a home in Tinley Park as authorities searched for two convicted bank robbers who escaped this morning from the federal Metropolitan Correctional Center in the Loop this morning.


No one was found in the home in the 6600 block of 175th Street, where a relative of one of the escapees, Mark Conley, is believed to live. But FBI officials said they believe Conley and the other inmate, Joseph "Jose" Banks, were there hours earlier.

FBI agents, joined by Tinley Park and Cook County sheriff's deputies, had gathered in a church parking next to the home as officers closed off local streets around 11 a.m. SWAT teams arrived soon afterward and officers, armed with assault rifles, entered the two-story wood frame home


Canine units could be seen going in and out of the home as a crowd of plainclothes officers stood outside during the search. The home is a block off Oak Park Avenue, a main street in Tinley's historic downtown.

Conley and Banks, known as the Second-Hand Bandit who was convicted just last week, were discovered missing from their cell at the federal jail at 71 W. Van Buren St. around  8:45 a.m., according to Central District Police Sgt. Michael Lazzaro. The inmates were last checked at 5 a.m., he said.








A rope could be seen dangling from about 15 stories up along the south side of the MCC, but police would not say whether it was involved in the escape. The rope appeared to be pieces tied together.


The two were reportedly last seen in the Tinley Park area, according to the FBI. It said they should be considered armed and dangerous.


Police cars also raced to the Greyhound station and checked passengers against photos of the inmates, officials said. No arrests were reported there.


Banks was described as black, 37, 5 feet 8 inches tall and weighing 160 pounds. Conley is 38, 6 feet and 185 pounds.


Banks, known as the Second-Hand Bandit, was convicted last week of two bank robberies and two attempted holdups. He made off with a nearly $600,000 in the heists, and authorities say $500,000 is still unaccounted for.


Banks was an aspiring clothing designer who claimed to be a "sovereign citizen" who could not be tried in a federal court. He acted as his own attorney and had to be restrained during his trial.


During closing arguments, Banks repeatedly interrupted Assistant U.S. Attorney Renato Mariotti, commenting on the evidence and suggesting photo lineups were rigged. Mariotti raised his voice over the interruptions to remind the jury of the evidence at trial, including $40,000 found in Banks' safe deposit box as well as a fake beard he wore in the robberies.


Security footage played for jurors showed Banks jumping bank counters and wielding a handgun as he ordered employees to open vaults and ATMs at the banks. In one video, a bank worker was shown hyperventilating on the floor of a cash room, clutching his chest and neck.


The other suspect was identified as Ken Conley, who pleaded guilty last October to robbing nearly $4,000 from a Homewood bank last year. He had lived in Tinley Park.


Conley robbed the MB Financial Bank branch at 2345 W. 184rd St. in Homewood on May 13, 2011. A floor host at a Chicago Heights strip club, he went back to work hours later to repay $500 he owed another club employee, authorities said. He was flashing a large amount of cash and was wearing the same black suit and white tie the bank robber wore, according to the criminal complaint.


Conley was caught by Chicago Heights police when he pointed a gun at someone while driving a gold Land Rover. Officers noticed he resembled the surveillance photos of the man who robbed the Homewood bank. Although the bank teller identified him and he was interviewed by authorities, he fled to California and was arrested there in September 2011.


A woman who answered at the home of a relative of Conley said it was "very upsetting for everyone" and declined further comment.


The last escape at the MCC was in 1985 when two convicted murderers enlarged a sixth-floor window and climbed down a 75-foot electrical cord attached to a floor buffer.


Bernard Welch and Hugh Colomb used a bar from exercise weights to knock out concrete and used hacksaw blades to cut metal away, enlarging a 3-inch window slit. The blade had been smuggled into the jail, authorities said.


Welch was serving a 143-year sentence for the 1980 murder of Dr. Michael Halberstam, a Washington, D.C. cardiologist and brother of Pulitzer Prize-winning author David Halberstam.


Colomb was convicted of killing an inmate and assaulting a guard in the federal penitentiary in Marion.


Both men were apprehended months later.


rsobol@tribune.com


Twitter: @RosemarySobol1





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Samsung drops attempt to ban Apple sales in Europe


STOCKHOLM (Reuters) - Korea's Samsung Electronics on Tuesday said it would drop law suits aimed at banning the sale of Apple Inc. products in Europe just a day after scoring a victory in a battle in the United States with the maker of iPhones.


Samsung and Apple, the world's top two smartphone makers, have been locked in patent disputes in at least 10 countries over the last 18 months since Apple sued Samsung, saying the Korean firm copied its best-selling iPhone and iPad.


On Tuesday, Samsung said it was dropping an attempt to stop the sale of some Apple products in Germany, Britain, France, Italy and the Netherlands, though it did not say it would halt its court battle for compensation.


"Samsung remains committed to licensing our technologies on fair, reasonable and non-discriminatory terms, and we strongly believe it is better when companies compete fairly in the marketplace, rather than in court," the company said in a statement.


A spokesman for Apple declined to comment on Samsung's decision.


The decision comes a day after a judge rejected Apple Inc's request for a ban on the sale of Samsung Electronics' smartphones in the United States.


In August, Apple was awarded $1.05 billion in damages after a U.S. jury found Samsung had copied critical features of the iPhone and iPad. The Samsung products run on the Android operating system, developed by Google.


In January, the European Commission opened an investigation into whether Samsung Electronics has distorted competition in the European mobile device market, breaking EU antitrust rules.


(Reporting by Simon Johnson, additional reporting by Paul Sandle; Editing by Louise Heavens)



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A&M's Johnny Football is AP's Player of the Year


Johnny Manziel ran for almost 1,700 yards and 30 touchdowns as a dual-threat quarterback his senior year of high school at Kerrville Tivy.


Who would have thought he'd be even more impressive at Texas A&M when pitted against the defenses of the Southeastern Conference?


On Tuesday, Manziel picked up another major award for his spectacular debut season. He was voted The Associated Press Player of the Year. As with the Heisman Trophy and Davey O'Brien Award that Manziel already won, the QB nicknamed Johnny Football is the first freshman to collect the AP award.


Manziel's 31 votes were more than twice that of second place finisher Manti Te'o, Notre Dame's start linebacker. He is the third straight Heisman-winning quarterback to receive the honor, following Robert Griffin III and Cam Newton.


Manziel erased initial doubts about his ability when he ran for 60 yards and a score in his first game against Florida.


"I knew I could run the ball, I did it a lot in high school," Manziel said in an interview with the AP. "It is just something that you don't get a chance to see in the spring. Quarterbacks aren't live in the spring. You don't get to tackle. You don't get to evade some of the sacks that you would in normal game situations. So I feel like when I was able to avoid getting tackled, it opened some people's eyes a little bit more."


The 6-foot-1 Manziel threw for 3,419 yards and 24 touchdowns and ran for 1,181 yards and 19 more scores to help the Aggies win 10 games for the first time since 1998 — and in their inaugural SEC year, too.


Ryan Tannehill, Manziel's predecessor now with the Dolphins after being drafted eighth overall this season, saw promise from the young quarterback last year when he was redshirted. But even he is surprised at how quickly things came together for Manziel.


"It's pretty wild. I always thought he had that playmaking ability, that something special where if somebody came free, he can make something exciting happen," Tannehill said. "I wasn't really sure if, I don't think anyone was sure if he was going to be able to carry that throughout an SEC season, and he's shocked the world and he did it."


After Manziel sat out as a redshirt in 2011, Texas A&M's scheduled season-opener against Louisiana Tech this year was postponed because of Hurricane Isaac. That left him to get his first taste of live defense in almost two years against Florida.


He responded well, helping the Aggies race to a 17-7 lead early using both his arm and his feet. The Gators shut down Manziel and A&M's offense in the second half and Texas A&M lost 20-17.


But Manziel's performance was enough for Texas A&M's coaching staff to realize that his scrambling ability was going to be a big part of what the Aggies could do this season.


"The first half really showed that I was a little bit more mobile than we had seen throughout the spring," Manziel said. "Me and (then-offensive coordinator) Kliff Kingsbury sat down and really said: 'Hey we can do some things with my feet as well as throwing the ball.' And it added a little bit of a new dimension."


Manziel knew that the biggest adjustment from playing in high school to college would be the speed of the game. Exactly how quick players in the SEC were was still a jolt to the quarterback.


"The whole first drive I was just seeing how fast they really flew to the ball and I felt like they just moved a whole lot faster," he said of the Florida game. "It was different than what I was used to, different than what I was used to in high school. So it was just having to learn quick and adjust on the fly."


He did just that and started piling up highlight reel material by deftly avoiding would-be tacklers to help the Aggies run off five consecutive wins after that.


His storybook ride hit a roadblock when he threw a season-high three interceptions in a 24-19 loss to LSU. But Manziel used it as a learning experience, taking to heart some advice he received from Kingsbury.


"He just told me to have a plan every time, before every snap," Manziel said. "Make sure you have a plan on what you want to do and where you want to go with the ball."


"I feel like as the year went on, I just learned the offense more and knew exactly where I wanted to go, instead of maybe evading the blitz and just taking off running for the first down instead of hitting a hot route or throwing it underneath to an open guy and doing things a lot simpler and cleaner."


The Aggies and Manziel rebounded from the loss to LSU by winning their last five games, highlighted by their stunning 29-24 upset of top-ranked Alabama on Nov. 10.


By the time Manziel wrapped up a 253-yard passing and 92-yard rushing performance to lead Texas A&M to the victory in Tuscaloosa, you could hardly call him a freshman anymore.


"You keep growing and growing every week," he said. "By the time I played Alabama I had a much better grasp of the game than I did in the first one."


The 4,600 yards of total offense Manziel gained in 12 games broke the SEC record for total yards in a season. The record was previously held by 2010 Heisman winner Newton, who needed 14 games to pile up 4,327 yards. The output also made him the first freshman, first player in the SEC and fifth player overall to throw for 3,000 yards and run for 1,000 in a season.


Manziel, who turned 20 two days before taking home the Heisman, has been so busy he hasn't had a second to step back and digest the historical significance of his accomplishments this season.


He's far more concerned with helping the Aggies extend their winning streak to six games with a win over Oklahoma on Jan. 4 in the Cotton Bowl.


"I think it will happen after the bowl game and after the season is completely over," he said. "I'm just ready for it to die down a little bit and get back into a practice routine where we get better and hopefully do what we want to do in the bowl game."


He'll have to do it without his mentor Kingsbury, who left A&M last week to become coach at Texas Tech, where he starred at quarterback not that long ago. Manziel said is happy Kingsbury got to return to his alma matter, but is still adjusting to the idea of playing without him.


"I'm the happiest guy on the face of the earth for him," Manziel said, speaking from California where he appeared on the "Tonight Show" Monday evening. "I think he deserves it with how hard he's worked this year to get us where we were. It's bittersweet though, because I'd like him to be here for the entire time that I'm here."


Manziel is eager to get back on the field for the Cotton Bowl and is focused on helping the offense pick up where it left off in the regular-season finale.


"Even though Kliff Kingsbury's not here anymore, we just need to continue to get better and do what we do," Manziel said. "Push tempo, go fast and be the high-flying offense that we have been all year."


_____


AP Sports Writer Steven Wine contributed to this story from Miami.


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